UK – The more than £2bn (€2.9bn) Essex County Council Pension Fund says it is poised to change its asset allocation as soon as possible.
The decision has been taken following a meeting of the Investment Steering Committee in July, group manager Martin Quinn told IPE.
Quinn was unable to discuss the intended changes as the fund has not yet discussed them with its 12 asset managers, but said they would take place as soon as possible.
He explained that the changes were part of an “an on-going process” at the fund.
Last April, the pension fund replaced Investec Asset Management with Martin Currie Investment Management, which was awarded a £45m active equity mandate.
The fund has also experienced a “shift” from UK to European equities, and has decided to increase the maximum assets quota that could be invested in a single insurance contract from 25% to 35%.
According to ‘International Pension Funds and their Advisors’, Essex employs Baillie Gifford, Morley Fund Management, Legal & General Investment Management.
The list also includes Capital International, APS Asset Management, Henderson Global Investors, Marathon Asset Management, Nomura Asset Management First State Investments, Martin Currie and Mirabaud Investment Managers.
The fund published a statement of investment principles in February. This states that the scheme invests 70% in UK and overseas equities, 2.4% in gilts and 7.6% in index-linked gilts.